Artificial Lift Market 2019 Global Industry Analysis To 2023, is latest research report on Global Artificial Lift Market Size, Share, Current Trends, Growth, Upcoming Opportunities, Industry Challenges, Key Players Review And Regional Forecast.
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Artificial Lift Market Overview
The need for an artificial lift in almost all oil & gas wells to remove water is expected to garner substantial growth in the artificial lift market around the globe. According to the latest MRFR report, the global artificial lift market is expected to showcase a steady CAGR during the forecast period of 2016-2027. Furthermore, increasing production of heavy oil, the rise in the demand for energy across the globe, improving production efficiency and the increase in the production of shale gas are some of the factors driving exponential growth to the global artificial lift market during the forecast period.
Key growth opportunities are served to the artificial lift market due to many recoverable shale gas reserves. A decline in onshore production and the increasing demand for oil & gas are projected to push major operators to increase deep-water activities. Additionally, the growing number of wells that need secondary extraction, enhanced recovery rates, and the rapid proliferation in demand for technological advancements and energy and petrochemicals are allowing companies to extract oil from difficult areas, further driving artificial lift market growth. Also, rapid industrialization is causing oil & gas sources to deplete, leading to the companies to fulfill consumer needs by looking for unconventional gas resources, primarily driving substantial growth to the market.
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Competitive Landscape
Prominent players in the artificial lift market, as profiled by Market Research Future include Cameron International, Borets, GE Oil & Gas, Dover Corporation, and Baker Hugh. Key players in the market are focusing on enhancing their business via inorganic growth ventures.
Segmental Analysis
The global artificial lift market is segmented on the basis of type, mechanism, and application.
The market is segmented into electrical submersible pump (ESP), rod lift, gas lift, and progressive cavity pump on the basis of type. The rod lift segment is anticipated to garner a larger revenue share and dominate the artificial lift market. Also, the ESP and plunger segments are projected to witness augmentation during the forecast period.
The global artificial market is segmented into pump assisted and gas assisted. The pump assisted segment is further segmented into positive displacement and dynamic displacement. The pump assisted segment garnered the largest market share in 2016. The dynamic displacement sub-segment is expected to witness the fastest market growth for artificial lift.
By application, the artificial lift market is segmented into onshore and offshore. The onshore segment is predicted to capture a larger market share due to the presence of a high amount of onshore oil wells.
Industry Update
March 2019: AccessESP Rigless Wireless Retrievable ESP technology has been chosen as the winner of the Hartenergy E&P prestigious Meritorious Awards for Engineering Innovation (MEA) for the Artificial Lift Category. The award will be presented on 8th May 2019.
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
4 Market Landscape
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List Of Tables
Table 1 Global Artificial Lift Market, By Region, 2016-2023 (USD Million)
Table 2 North America Artificial Lift Market, By Country, 2016-2023 (USD Million)
Table 3 Europe Artificial Lift Market, By Country, 2016-2023 (USD Million)
Table 4 Asia-Pacific Artificial Lift Market, By Country, 2016-2023 (USD Million)
Table 5 Rest Of The World Artificial Lift Market, By Country, 2016-2023 (USD Million)
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List Of Figures
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 MARKET DYNAMICS
FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS
FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS
FIGURE 6 PORTER’S FIVE FORCES ANALYSIS
FIGURE 7 VALUE CHAIN ANALYSIS
Continued….
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Source: MarketersMedia
Release ID: 509914
